Bank of America has a variety of certificates of deposit (CD) that may appeal to customers who want a bank that has branches all over the country.
The $1,000 minimum deposit to open a Fixed Term CD is reasonable, but there’s a trade-off: Bank of America’s CD yields aren’t as high as those of other banks.
READ MORE: NEW CUSTOMERS ARE GETTING $100 BONUSES FROM BANK OF AMERICA
Why Choose Bank of America?
You shouldn’t be choosing to open a CD account through Bank of America for the rates, as they just can’t compete with online banking providers. Opening a CD account with BofA only makes sense if you already bank with them – with a checking account, for example.
If you’d like to keep all accounts in one place to easily monitor them and find a certain CD term has a sufficient rate, then it may make sense for you.
Read more: See the nation’s best CD rates here.
Bank of America is one of the largest banking institutions in the United States. It has a long and distinguished history and has expanded to become one of the country’s most well known and respected banks.
They offer a range of products and services designed to meet the needs of a variety of different customers – from people with basic banking needs, to those looking for more customized solutions for their investments and retirement planning.
Bank of America CD rates
There are two kinds of CD accounts that BofA offers: Featured CDs and Fixed Term CDs. Featured CDs have a higher APY, but they also have a higher minimum balance. Fixed Term CDs have lower APYs, but they require less money to start.
Here’s a closer look at the CDs that Bank of America has to offer:
| Account | Term | APY | Minimum deposit |
| Featured CD | 7 months | 4.60% | $10,000 |
| Featured CD | 10 months | 0.05% | $10,000 |
| Featured CD | 13 months | 4.60% | $10,000 |
| Featured CD | 25 months | 3.20% | $10,000 |
| Featured CD | 37 months | 0.05% | $10,000 |
| Fixed Term CD | 3 months | 4.00% | $1,000 |
| Fixed Term CD | 6-11 months | 0.03% | $1,000 |
| Fixed Term CD | 12-17 months | 0.03% | $1,000 |
| Fixed Term CD | 18-23 months | 0.03% | $1,000 |
| Fixed Term CD | 24-35 months | 0.03% | $1,000 |
| Fixed Term CD | 36-47 months | 0.03% | $1,000 |
| Fixed Term CD | 48-59 months | 0.03% | $1,000 |
| Fixed Term CD | 60-119 months | 0.03% | $1,000 |
| Fixed Term CD | 120 months | 0.03% | $1,000 |
Note: Annual percentage yields (APYs) shown are as of May 26, 2023 and may vary by region.
READ MORE: GET TOP BONUSES FROM CHASE, AXOS, BANK OF AMERICA, TD BANK AND U.S. BANK.
How do Bank of America CD rates compare to the nation’s best?
Bank of America has CDs with different terms so you can earn interest based on a suitable timeline. A CD from Bank of America can help your savings grow, but there are other banks that offer higher CD rates.
Notably, you’ll get better rates from online banking providers.
As you can see from the rates above, there are only a few options from Bank of America with rates worth looking at.
Earn Up To 5.00% APY: CIT Bank’s Best Certificate of Deposit Account Offers (Available Nationwide) - Unlock Your Savings Potential with CIT Bank's CD Accounts - Daily Compounding Interest, No Fees, FDIC Insured, & More. Update 5/8/2023: The 11-month CD rate increased from 4.80% to 4.90%. Update 3/31/2023: The 11-month CD rate increased from 4.15% to… GET OFFER
CIT Bank Savings Connect Earns 4.60% APY (Nationwide) - The CIT Bank Savings Connect account is a very competitive online savings account option. See the current rate details below. CIT Bank is a popular option for online banking, especially if you're seeking interest-bearing online checking and savings accounts. Not… GET OFFER
Earn Up To 4.75% APY: Quontic Bank’s Best CD Account Offers (Available Nationwide) - Ready for a guaranteed return on your savings? Open a Quontic Bank CD in just 3 minutes and watch your money grow with top rates and FDIC protection. Find the latest rates from Quontic Bank for their online certificate of… GET OFFERBank of America’s other savings options
Bank of America is a big bank, so it has a lot of ways to help you save money, like IRAs for retirement and savings accounts for kids. But you can find better savings account rates elsewhere.
Online banking providers will offer much better rates for savings and money market accounts.
Here are some good rates to check out:
Quontic Bank High Yield Savings Account Earns 4.25% APY (Nationwide) - Get a great rate for the Quontic Bank High Yield Savings Account. Quontic bank is a digital bank and is often ranked in the top 10 in this space. Details below. Update 5/11/2023: The APY rate on their HYS account… GET OFFER CIT Bank Savings Connect Earns 4.60% APY (Nationwide) - The CIT Bank Savings Connect account is a very competitive online savings account option. See the current rate details below. CIT Bank is a popular option for online banking, especially if you're seeking interest-bearing online checking and savings accounts. Not… GET OFFER
UFB Premier Savings & Premier Money Market Accounts Earn Up To 4.81% APY - Both the UFB Premier Savings and UFB Premier Money Market accounts earn a very competitive rate. Details below. Update 4/18/2023: UFB Direct has updated the product names to UFB Premier Savings and UFB Premier Money Market. Update 4/13/2023: UFB Direct… GET OFFERREAD MORE: YOU’LL WANT TO SEE THESE TOP SAVINGS RATES
Bottom Line
Like many of the nation’s biggest traditional banks, you won’t really get great rates on CD accounts. Big banks make up for this by providing a large network of physical locations to serve customers.
While rates aren’t great, banks such a Bank of America are very good about offering welcome bonuses for deposit account openings. This can include checking, savings and business accounts. You can find the latest bonus offers from Bank of America here.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
